HH Fund Secures $21M Bridge Loan From M&T Realty Capital For Development Site In Washington DC

The property asset involved in this transaction is a development site located at 400 Florida Avenue Northeast in Washington, DC. HH Fund acquired the property at foreclosure for $38.3 million, and the current transaction involves securing a bridge loan for $21 million, which is structured as a two-year, interest-only loan from M&T Realty Capital Corporation. The aim of the project is to convert the site into student housing, addressing the demand for local student beds amidst a declining development pipeline.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $21,000,000
• Lender: M&T Realty Capital Corporation
• Landlord: HH Fund
• Loan Type: Bridge
• Acquisition Price: $38,300,000
• Loan Duration: Two years
• Interest Type: Interest-only

The deal involves key representatives from HH Fund and M&T Realty Capital Corporation, highlighting the collaboration between the landlord and the lender to facilitate the conversion of the property into student housing, thereby enhancing the availability of housing for students in the area.